PMI Removal Calculator
Private mortgage insurance on a conventional loan comes off at two different thresholds under the Homeowners Protection Act — and they use different balance calculations. This worked example uses a $400,000 purchase ($410,000 appraised), $380,000 loan at 6.5% over 30 years.
You may request cancellation at 80% LTV based on your actual balance (extra payments count). Automatic termination at 78% LTV uses the original amortization schedule — extras do not move that date. Original value is the lesser of purchase price and appraised value, not today's market value.
Controls below let you change loan type (FHA and VA show explanations, not dates), add extra payments, and download a PDF with milestone rows and a cancellation checklist. FHA loans charge MIP with different rules — life of loan if down under 10%, 11 years if 10% or more after June 2013. Not financial advice.
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Scope
Scope: private mortgage insurance on conventional loans, US, single-family primary residence, under the Homeowners Protection Act (HPA). FHA and VA loans follow different rules — see loan type selector.
Original value (lesser of purchase price and appraised value): $400,000.00
80% cancellation request: Month 124 — actual balance, extras count
78% automatic termination: Month 135 — scheduled balance, extras ignored
Midpoint backstop: Month 180 (original 30-year term)
Some servicers cancel PMI earlier when a new appraisal shows appreciation or improvements. That is not an HPA right — investor guidelines vary, seasoning applies, and you pay for the appraisal. This tool does not put a date on that path.
This is an estimate for planning, not financial advice.
Schedule rows around milestones
| Month | Balance | LTV | Milestone |
|---|---|---|---|
| 122 | $320,831.73 | 80.21% | |
| 123 | $320,167.71 | 80.04% | |
| 124 | $319,500.09 | 79.88% | 80% request (actual balance, extras count) |
| 125 | $318,828.86 | 79.71% | |
| 126 | $318,153.99 | 79.54% | |
| 133 | $313,326.42 | 78.33% | |
| 134 | $312,621.74 | 78.16% | |
| 135 | $311,913.25 | 77.98% | 78% automatic (scheduled balance, extras ignored) |
| 136 | $311,200.92 | 77.80% | |
| 137 | $310,484.73 | 77.62% |
The Nifty App · theniftyapp.com
Cancellation request checklist
- Written cancellation request to your servicer (certified mail recommended)
- Proof of good payment history on the loan
- Evidence the property has not declined in value (servicer may require an appraisal at your cost)
- Confirmation there is no subordinate lien on the property
- Loan number, property address, and contact information in the letter